In exchange for 50 shares (25% stake) of an LLC I signed over my property (quitclaim deed) to be used for development (LLC was to take over the mortgage payments). The project would take my property and another property next door (also quitclaim deed) and combine them and develop on the joint properties (proposed 13 units). The LLC sold shares and has debt based on the project. It is a single member-managed LLC (I am not the founder or managing member).
The LLC has not come up with the money (loans) to continue the project and cannot build and is in major in debt - it is now looking at bankruptcy options. Is it possible for me to get my property back (the loan for the property is in my name and I have been making payments to keep my credit from being tarnished) so I can sell it on my own. Can the LLC transfer it back to me in exchange for my shares even though other shares have been sold and the LLC is in debt?